24.09.2004

GT/Geoff Till files for administration

Geoff Till Access ltd, trading as GT access, 19th in this years Cranes&Access UK/Ireland TOP20, has filed for voluntary administration and appointed Poppleton&Appleby as administrators. The move which began with a winding up order last week has been made in order to gain protection while it restructures its debts and balance sheet.

The company which operates 425 aerial lifts, invested heavily three to four years ago in a major fleet renewal and expansion while opening new locations in Telford, Gloucester and Hereford. The UK commercial construction market then slumped, highlighting an over supply in the powered access market that led to poor utilisation and savage cutting of rental rates. The heavily indebted Tills as with many others companies who over expanded, struggled but managed to keep its head above water during the most difficult part of the downward cycle.

Senior managers at Tills told Vertikal.Net that the significant pick up in UK market conditions since the spring had boosted revenues and rates returning the company to healthy monthly profitability.

With its heavily concentrated fleet expansion beginning to reach maturity, 2005 promised to be a substantially better year, regardless of market conditions. However a change in attitude among some funders and creditors brought the situation to a head last week, forcing the management to file for protection or risk loosing the business.

With its recent underlying profitability the management, led by Jonathan Till. feel that it has a very strong chance to maintain the recent upward performance, reach agreement with creditors and exit administration with a 12 week period.